Question
The assets and liabilities of Thompson Computer Services at October 31, the end of the current fiscalyear, and its revenueand expenses for the year are
The assets and liabilities of Thompson Computer Services at October 31, the end of the current fiscalyear, and its revenueand expenses for the year are listed below. The common stock was $120,000 and the retained earnings were $60,000atthe beginning of the current year. During the year, shareholders purchased an additional $25,000 in stock.
Accounts payable
$2,000
Miscellaneous expense
$1,030
Accounts receivable
10,340
Office expense
1,240
Cash
21,420
Supplies
1,670
Fees earned
73,450
Wages expense
23,550
Land
47,000
Dividends
16,570
Building
157,630
How would i make a income statement for the current year oct 3? Also how would i Make a retained earnings for the current year ended march 31?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started